GameStop NFT daily fee revenue plunges under $4K as gloom infects markets

GameStop NFT daily fee revenue plunges under K as gloom infects markets

BAYC

GameStop NFT has generated roughly $166,800 worth of sales volume over the past 24 hours, with the platform charging only a 2.25% fee on NFT sales, the figure equates to just $3,753 worth of revenue.

Daily revenue for GameStop’s nonfungible token (NFT) marketplace has plummeted to under $4,000, suggesting that interest in the platform has waned significantly since launching in mid-July.

According to data from DappRadar, GameStop NFT has generated roughly $166,800 worth of sales volume over the past 24 hours. With the platform charging only a 2.25% fee on NFT sales, the figure equates to just $3,753 worth of revenue during that time.

DappRadar’s limited data on GameStop appears to confirm figures actually plunged down to around $2000 as trading volume has pumped 91.23% over the past day.

The latest figures mark a significant decrease from the project’s first full day of business on July 13, with an NFT sales volume of $1.98 million, equating to about $44,500 worth of fees.

At the time of writing, the HyperViciouZ project on GameStop has generated the largest 24-hour sales volume of 29.78 Ether (ETH) worth roughly $47,841. In comparison, OpenSea’s top-selling project during that time frame is Pudgy Penguins with 860.8 ETH, or $1.37 million.

Broader doom and gloom

GameStop isn’t the only part of the NFT world struggling at present. According to data from NFT Price Floor, the Bored Ape Yacht Club (BAYC) floor price has dropped a hefty 19% since the start of August to sit at 68.48 ETH, or $109,900 as of Aug. 22, while the Mutant Ape Yacht Club (MAYC) floor has plunged 28.6% to 11.2 ETH, or $17,986.

Since the BAYC and MAYC’s respective all-time floor price highs of 153.5 ETH and 41.2 ETH in May and April, the floors have dropped 55% and 72% each.

NFT analysts warned that $55 million worth of blue chip NFTs were at risk of liquidation on BendDAO last week.

The BendDAO platform enables users to deposit their NFTs and take ETH loans out against the floor price of their assets. The loans total around 30-40% of the deposited NFT floor price. However, if the price drops so low that the loan equates to 90% of the floor price, the depositor has 48 hours to pay the loan down to avoid their NFT being liquidated and sold off via auction.

The platform represents this threshold as a health indicator in which a score below one triggers the NFT liquidation proceedings. As of last week, there were at least 20 loans against BAYC NFTs that had a health indicator fall perilously close, below 1.01, and a lot more for Mutant Ape Yacht Club NFTs as well.

At the time of writing, two BAYC NFTs have been liquidated this week and put up for auction, while 10 are playing with fire with health indicators ranging from 1.01 to 1.06. However that’s half the number from last week, suggesting the situation has improved.

In terms of loans against MAYC NFTs, there are currently 14 in severe danger of liquidation, with health indicators ranging from 1.01 to 1.03. There are also 13 that have recently been liquidated and are up for auction on BendDAO.

So far this month, the floor price for other top NFT projects such as CryptoPunks has tanked a fair amount as well. Despite surging from 68.3 ETH on Aug. 1 to 77.4 ETH on Aug. 4, the CryptoPunk floor has since retraced back down to 66.45 ETH, or $106,518.

<div>101 Bored Apes NFT auction at Sotheby's closes at more than M</div>

Animoca Brands

Yuga Labs auctioned off collections of Bored Ape Yacht Club and Bored Ape Kennel Club NFT that generated $24 million and $1.83 million respectively.

The auction of Yuga Labs’ 101 Bored Ape Yacht Club (BAYC) collection has smashed through expectations with a winning bid of $24.39 million.

The auction closed on Sept.10 and was hosted by the prestigious auction house Sotheby’s which had earlier estimated the collection would fetch between $12 million and $18 million.

The bundle of non-fungibles consists of 101 Bored Apes and three M1 and three M2 “Mutant serum” NFTs. When a Bored Ape token is combined with an M1 or M2 serum, it enables the holder to mint a new Mutant Ape NFT that keeps the same traits of the original Bored Ape but depicts it in a mutant format.

Taking the serum NFTs out of the equation as they are usually airdropped for free to holders, each Bored Ape in the collection was valued at an average price of roughly $241,000 or 69.4 Ether (ETH) at the time of publication.

The figure tallies in well above the floor price for Bored Ape NFTs on the secondary market, with data from OpenSea showing a minimum price of 38.99 ETH, worth around $135,000.

What an historic moment for the club: the @Sothebys auction of 101 Bored Apes has closed at over $24m. Congratulations and THANK YOU to the whole ape community. To the buyer, I think we speak for everybody when we say: WELCOME TO THE CLUB. ☠️⛵️ pic.twitter.com/NKxHekC0ny
— Bored Ape Yacht Club (@BoredApeYC) September 9, 2021

Yuga Labs also auctioned off a 101 NFT collection of its side project Bored Ape Kennel Club that closed on the same day with a winning bid of $1.83 million, at a price of $18,150 per NFT. The figure fell within Sotheby’s estimate of $1.5 million to $2 million, and beat the floor price on OpenSea of 3.09 ETH or $10.700.

Delaware-based Yuga Labs launched the BAYC on April 30, and it has since become a highly popular and sought-after project. Figures such as NBA star Steph Curry aped in by paying 55 ETH ($191,000) for a Bored Ape NFT late last month. M etaverse gaming firm The Sandbox also snapped up a Bored Ape for a record price of 740 ETH ($2.57 million) on Sept. 6.

Sandbox’s NFT depicts a golden ape with laser eyes wearing a sea captain’s hat. In a Sept. 8 blog post the firm revealed plans to port BAYC NFTs into its metaverse as playable avatars.

“The Avatar collections find additional utility for their NFT holders within our gaming virtual world. Through the interoperability of NFTs, they will be able to turn 2D collectible image NFTs into 3D playable avatars that are animated, can run, jump, socialize, play games, and interact with their other peer Avatars in The Sandbox,” the blog post read.

*Bored Ape NFT 3749 Avatar: (Source: The Sandbox)*

According to data from OpenSea, NFT sales volume on the secondary market cooled down in September, with top projects such as CryptoPunks, Art Blocks and BAYC all seeing declines in seven-day volume of 85%, 82% and 69% respectively.

Only one NFT project out of the top 20 has seen an increase in seven-day volume, with Vine co-founder Dom Hofmann’s Loot (for Adventures) NFTs seeing an increase of 8.42%.

Data from Dune Analytics also shows that NFT floor prices are on a downward trend of late, dropping from 1.02 ETH on Aug. 30 to sit at around 0.40 ETH on Sept. 9. However, this doesn’t necessarily indicate a bearish trend for the NFT sector, as the price can be impacted by new projects emerging on the market that sell for lower prices.

NFT floor price